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tv   The Last Word  MSNBC  September 10, 2012 7:00pm-8:00pm PDT

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cannot decide between mitt romney and barack obama who gets the credit for killing bin laden or they don't know or they definitely know it was mitt romney who did it. what is wrong with the republican party in these states? these are the might fought over states in the country. big majorities of republicans who think maybe it was mitt romney who killed bin laden. you can look at those numbers in the despair or you can conclude that the people who answer poll ster's questions are just being sarcastic. please let that be the truth. please tell me you are kidding. now it's time for "the last word" with lawrence o'donnell. have a great night. bill clinton says the republicans aren't so good at arithmetic. but tonight the arithmetic that the romney/ryan team does understand is that they are losing. >> there are 57 days to go until
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election day. >> just 57 days to go. >> we are eight weeks away from the general election. >> barack obama is back on top this morning. >> we're getting back to basics. >> obama is ahead in pretty much every poll. >> the poll in key toss-up states is making the romney campaign nervous. >> president obama with a seven point lead in ohio. >> the critical 18 votes. >> you voted for defense cuts and now you're criticizing the president for those same defense cuts. >> one mistake after another. >> no, nor ra. i voted for the budget control act. >> those weekend interviews. >> refusing to be specific. >> the specifics are these. which is -- >> just show the framework. >> fewer deductions and exempless. >> isn't that a secret plan. >> those principles i described. >> they want your vote but they didn't really talk about their plan. >> they won't be specific. >> where's the meat?
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>> we will lose if you don't start telling what you believe if you do in fact believe in anything. >> his numbers don't add up. >> the figures don't add up. >> nobody noesz what he stands for. again, no specifics coming from -- >> refusing to be specific. >> not going to keep any specific. >> the specifics are these which is -- >> they want your vote but they didn't really talk about their plan. >> just 57 days to go. >> 57 days. >> 57 days. >> 57 days we'll have some answers. >> that's right, 57 days until the presidential election, and new polls show president obama received a mesh url convention bump as mitt romney's advisors privately concede that their candidate is in great trouble. a poll conducted before the convention showed president
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obama and mitt romney tied. today he leads mitt romney by 6 points. a gallup poll of registered voters conducted before the convention showed them in a statistical tie. today in that poll president obama leads mitt romney by five points. rush limbaugh thinks polls showing president obama's lead are of course a media conspiracy. >> the polls now are just being used, it's another tool of voter suppression. i want to depress the heck out of you and they want to suppress your vote. i know that romney is not ideal and he ticks you off. this election isn't about him. he may as well be elmer fud. as for as we're concerned, we're voting against obama. >> the plit column reports that elmer if you'd advisors
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privately lament that state by state numbers are working in the president's favor. the map has many more roots to victory, said a top republican official. a new poll of ohio likely voters shows president obama leading mitt romney by five points, 50% to 45%. president obama won ohio in 2008, bush won ohio in 2004 and 2000. no republican has ever won the presidency without winning ohio. on november 6th president obama will win 319 votes, mitt romney will win 219. and president has an 81% chance of winning the election. mitt romney has a 19% chance. joining me now, crystal ball and
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steve. we hear rush limbaugh saying they're trying to suppress the vote with news. that ought to do it. >> in fairness republicans should no something about suppressing the vote. it's presenting how the whole republican machine seems to be imploding this week. they've realized that the republican convention was kind of their last chance to redefine mitt romney, to proof there was substance behind the curtain and they failed. on the other hand the democrats had a fantastic convention. what people came away with, i try to think in terms what does the average casual viewer getting out of these conventions. i think is the fact after the republican convention is sort of like mitt romney is fine but we really don't like this obama guy. at the democratic convention there was a sense of enthusiasm from the candidate itself.
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i think the democrats learned in 2004 that it's not enough to dislike the other guy. you have to really like the person you're putting forward. >> there's a lot of pandering on the right these days. let's listen to laura ingram on rer radio show today. >> if you can't beat barack obama with this record, then shut down the party. shut it down. start new with new people. >> there's an optimistic note, steve, for laura to greet her audience on the monday after the democratic convention. >> there's two schools of thought on this. you can come down hard on mitt romney and say this guy is a flawed candidate, he's a bad candidate. >> i'll do that. what else can you do? >> i think he is but i have a sympathy for him because i think he's been put in an impossible position by his party. and what i mean by that is the republican party basically
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decided when obama become president they're going to oppose everything he says, does and proposes. that dose than the mean there's going to be any coherent policy. it just means they're going to take the health care plan, they're going to take what was once a republican health care plan and call it job killing, freedom killing socialism. so it puts romney in the position that he's in this weekend. now he has to go there and tell you how he wants to repeal it and you ask him about the specifics and he says i kind of like some of these specifics. so there's this basic incoherence, whether it's on stimulus, something republicans used to favor now it's completely terrible. they really don't have anything to say except we're not obama and we're finding out that we're not obama is good right now for 47% of the vote. >> i think steve is right about that in terms of the corner that mitt romney has found himself in. but i would say his primary
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challengers were rick santorum. a more skilled candidate could have put some ideas forward in the primary that would have made sense. and the interesting thing about the paul ryan pick is the sense there was romney had made a build or buy decision and he decided he wanted to buy a set of policies rather than build some from scratch. but once they got paul ryan on the ticket they didn't want to talk about his policies because they're toxic. so ryan has become like the pandering romney. >> jeb bush probably could have made a better run at this than mitt romney. but what he understood and what a lot of more legitimate republican candidates understood was this is not the time you want to be leading this party because you're hog-tied. you have to cue against everything that obama has said and done and you have to play to that. it doesn't leave any room to
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maneuver. i think jeb bush recognized that. >> i'm only going to interrupt you to insert yet another republican complaint about the republican ticket. this from the most thoughtful of them all. george will. >> there is uncertainty surrounding the romney/ryan tax cut plan. because they have not specified the deductions and we know where the big money is, mortgage, charity, employer provided health insurance and state and local taxes. all of those you either hit only the rich in which case you don't get much money or you hit the middle class. >> with conservatives like that on television, actually saying truthful things about the romney/ryan ticket, they weren't ready for that. they expected it from some people. there's george will, you have rush limbaugh today saying forget about romney himself.
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just vote against obama. it's not a good time for that ticket. >> it's not a good time for that ticket. and george will, he's someone who was critical of romney during the primary. was even critical post primary. and i think romney probably thought that he would get the george wills and the bill crystals on his side. >> it's. >> and especially with the paul ryan pick, in some ways that was a pick to placate the george wills and the bill crystals of the world. obviously it didn't work, i think bill clinton used the fancy word arithmetic and it just doesn't work out. >> listen to what bill crystal had to say. now he seems to be back to a pre-ryan sort of campaign when a challenger merely appeals to disappointment with the incumbent and he's not too bad an alternative. that isn't generally a formula
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for victory. mike dukakis lost. how cruel of him to remind anyone. >> let me stand up for mike mike dukakis because he was specific in what he wanted do. voters don't necessarily care about policy details or minutia but they care about the appearance that their leaders have a mastery in policy details. i think what's alarge some swing voters is the sense that romney just doesn't have that at all. and when the george will raising alarm he won't tell anything about the deductions that he'll do away with, he won't tell us anything about the loop who else, voters interpret this is this t is not a guy who is serious about running the country. >> just for perspective now, four years ago, president obama,
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then senator obama, was two points behind john mccain, september 10, 2008. barack obama two points below john mccain goes on to win. let's take a look at convention bounces over the years going back to 1988 with michael dukakis. he got a 7 point bounce, bush got the bounce. bill clinton got a 16. that went against president bush's 5-point bounce. 3 points for dole. you see bouncing has kind of disappeared -- it gets down tho these tiny little bounces and steve i'm not even sure we can call what's happening now a bounce. there's a real move. you can see in this poll the president has a measurable move. but that isn't what we used to
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call a bounce. >> it isn't but the one that jumps out at me is 2004. because i see a mirror image of 2004 here. kerry lost ground after his convention. >> romney lost one point exactly like john kerry did. that's exactly what happened here. >> if you remember that new york convention bush came out of here, his lead got up to about 6, 7 poijts. he kept the lead all the way through the debates. it was tight the rest of the way but i see something potentially similar happening here where obama gets ahead. >> we'll see what the debates have to say about that. >> thank you both for joining me. >> thanks lawrence. >> coming up, mitt romney spent another weekend trying to evade reporte reporters' questions but that's going to be a lot more difficult in 24 days in the presidential
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debate. we'll see just who unprepared mitt romney and paul ryan are right now for their debates. that's going to be next. also joining us tonight in "the last word" exclusive, the mother who moved the democratic convention to tears last week in her description of her baby daughter's heart surgeries and what obama care means to her family. and later, allen west is back in the rewrite tonight because allen west once again said something. that's all it takes for allen west to get himself in the rewrite. that's coming up. g. boring. [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi card to get the benefits of private pass. more concerts, more events, more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with the citi card.
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if you can't answer questions about your policy positions, specific questions, how can you possibly survive in a presidential debate? well, we'll see just how prepared or unprepared mitt romney and paul ryan are for their debates next. karen finy and joy reed will
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join me. and mitt romney actually says is his business experience is what makes him worthy of the presidency. we'll talk to matt later on the bain way of doing business. that's coming up. ally bank. why they have a raise your rate cd. tonight our guest, thomas sargent. nobel laureate in economics, and one of the most cited economists in the world. professor sargent, can you tell me what cd rates will be in two years? no. if he can't, no one can. that's why ally has a raise your rate cd. ally bank. your money needs an ally.
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♪ home of the brave. ♪ it's where fear goes unwelcomed... ♪ and certain men... find a way to rise above. this is the land of giants. ♪ guts. glory. ram. . at this hour, 23 nights from now, we will all be watching the first presidential debate between president barack obama and the one term sort of liberal former massachusetts governor mitt romney. eight days later the vice presidential debate will occur. mitt romney has to do better
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than this. >> it was an energy bill on the floor of the senate, loaded down with goodies. you know who voted for it? you might never know. that one. >> and paul ryan has to do better than this. >> mcclel len did not say definitively that the surge principles would not work in afghanistan conditions are certainly different we have nato allies helping us for one. but the counter insurgecy principals also can work in afghanistan. he didn't say anything opposite of that. >> as you might really the maclellan that sar ra pal lynn was talking about was the mckeer nan. this week the guys who have to outdo the performances showed they're not quite there yet and they're going to need a lot more
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debate prep. >> everything i want to do is bring our rates down to encourage growth, keep revenue up by limiting exemptions and deductions and make sure we don't put any burden on middle income people. >> where are the specifics of how you get to this map? isn't that an issue? >> the specifics are these. those principles i described are the heart of my policy. >> can you give me an example of a loophole that you will close. >> i can tell you that people at the high end are going to have fewer ducks and exemptions. >> if you take those text shelters away, more of their income is subject to taxation and that allows us to lower tax rates on everybody. what we don't want to do is cut some back room deal like obama care -- >> why not say right now -- >> because we want to have this -- because we want to have this debate in the public.
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>> exactly. they want to have this debate in public, which is why they must never publicly reveal what tax ducks and tax loopholes they would actually eliminate. as any good republican knows is to have a public debate is to keep the details secret. joy reed, if this was the romney/ryan sandwich shop, they would tell you this is the bread, and of course it would be ordinary, plain, boring white bread. but they would never tell you what's in the sandwich. you have no idea. it's just the bread and here. if you don't include what the tax deduction piece is in your tax bill, you aren't telling us what's in your tax bill. >> and you forgot also that the sandwich would cost more if you're a middle class customer than if you're a rich guy where you would probable lil get the sandwich for free. it was interesting because these were not surprise questions.
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i watched back the interviews a few times. they knew it was coming and they still seemed completely and utterly unprepared to answer the most basic question about their 5-point plan. what's in it? what ducks are you going to cut in order to lower tax rates? and how do you reconcile the fact that independent analyses say you're going to raise taxes on the middle class. and just repeating the name of the questioner over and over again as paul ryan did, that isn't really an answer. >> karen finney, i think the debate moderator should be watching this. one of them might be to say to them okay, could you tell us three tax deductions that you will protect, to just tell us ones you're absolutely opposed to touching in any way. it has to be more than one because they'll all say don't touch charitable. the debate moderators have to go in the front door, the back door, every way they can with these guys. >> they also have to have the
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follow-up question prepared. when mitt romney says of course i support the preexisting conditions in health care reform, but what he really means is people with continuous care, okay, then what about the 89 million americans who are not covered under that framework? because he keeps talking in these jen ralties about these framework. it's very much management consultant speak where the two circles on the ven diagram. so i think the interviewer, the moderators will have to be ready to come back with really solid follow-up questions to really expose the rhetoric for what it is, which is, it's just, you know, fluff. >> which is why we would now like to see nora o'donnell become one of the mot raidtors. we're going to show what she did yesterday with paul ryan. where he actually voted for adefense cuts, which he now
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opposes. let's just let nora do this. >> and you also voted for those. and now you're saying that -- >> no. >> that you didn't vote for them. >> i voted for the budget control act. but the obama administration proposed $478 billion in defense cuts. we don't agree with that. our budget rejected that. and then on top of that is another $500 billion in defense cuts. >> right. it's a trillion in defense spending and you voted for it. >> no. i. >> it's not just going to be the moderator. gym leer is going to do what he does. but then, you know, president obama is going to be standing there many when when you finished your answer. or joe biden is going to be standing there besides ryan. >> and you know what the magic was here? no matter how many times paul
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ryan said nora, the bottom line he was trying to sell that he voted for a bill but not the contents of the bill. did he just like who it was named after. you voted for the bill or you didn't. i think in your previous segment crystal got to this point. they've taken whatever it is we thought was good about paul ryan. i'm starting to think that maybe we were wrong about him. i was one of those people who thought this seems to be a sentient human being, they've subtracted al of that and he is like a second mitt romney. he won't answer any questions, has no specifics and doesn't understand nor can he explain his own policies. >> my favorite ryan thing is when he does that we don't want to get too technical thing. and when everybody says i don't want to get too technical, it's because they can't. they'll get in trouble if they do. >> yeah. but here's the thing about that. and i actually think we have to
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be very careful because we're very smart people and we know a lot of facts and a lot of information so does joe biden and barack obama. but you can assume that the audience watching the debates will have the same level of knowledge as the president and vice president. meaning it will be easy in some instances. if you didn't know specifically what nora was talking about, you might have believed paul ryan because he says it like the sky is purple. like, nora, you just don't get it. so i think we sl to be careful. i do think part of the trick that the president and the vice president will have is also to expose that not only is it fluff, but it's also misleading fluff in a way that also makes it clear that yes, i know what i'm talking about. no, this person doesn't know what he's talking about despite how many times he might say my name or the moderator's name. >> the pressure is building. joy reid and karen finney, thank
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you. >> thank you. >> coming up, mitt romney made the mistake of saying yesterday that he likes some parts of obama care. so his handlers had to immediately apologize to the extreme right wing of his party. and tea party congress man allen west tries to rewrite the president's campaign slogan. [ male announcer ] imagine facing the day with less chronic osteoarthritis pain. imagine living your life with less chronic low back pain. imagine you, with less pain. cymbalta can help. cymbalta is fda-approved to manage chronic musculoskeletal pain. one non-narcotic pill a day, every day, can help reduce this pain. tell your doctor right away if your mood worsens,
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mitt romney and the republican congress promise to repeal obama care next year. stacy lynn told the democratic convention last week what that would mean to her and her daughter who was born with severe heart disease. no one moved the audience more than stacy and zoe lin. they'll join me next. and joe biden says mitt romney wants to run the country the bain way. [ engine revving ] ♪ [ male announcer ] every car we build
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in the spotlight tonight, mitt romney trapped. this is the point in the campaign when mitt romney planned to start sounding more reasonable to swing voters, to voters in the middle. this is what republicans usually do in presidential campaigns ever since richard nixon showed them the way.
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he said republican presidential candidates have to run to the right in the primaries and then run to the center in the general electi election. but mitt romney is having more trouble doing than that than any other republican nominee before him. he tried to do it yet. on "meet the press" when he was asked what would happen with people with preexisting conditions with the affordable care account. >> i'm not getting rid of all of health care reform. there are a number of things that i like that i'm going to put in place. one is to make sure that those with preexisting conditions can get coverage. two is to make sure that the marketplace allows for individuals to have insurance that covers their family up to whatever age they like. i would also like for individuals to buy health insurance on their own as opposed to getting it through the tax advantage. >> that's the same guy who put
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it this way. >> we must rein in the cost of health care by repeeling and replacing obama care. >> the trouble for romney, the right wing republicans won't let him run to the center this time. they forced him to back down from the centerist rhetoric what he told that romney didn't really mean it. the aid said in a competitive environment, the marketplace will make available plans that include coverage for what there is demand for. he was not proposing a federal mandate to require insurance plans to offer those particular features. for mitt romney, health care is just a political subject for him to manipulate, depending on what audience he happens to be talking to at any given moment. for many americans health
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insurance is a much more important subject than that. but you would never know that by watching the republican convention. at the democratic convention, we heard from a mother, stacy lynn, who needs the karen teas that obama care has given her family, because her daughter's life depends on it. >> zoe's third open heart surgery will happen either next year or the year after. if mitt romney becomes president and obama care is repealed, there's a good chance she'll hit her lifetime cap. there's no way we could afford to pay for all the care she needs to survive. >> joining me now for an sclusive interview and their first since the convention are caleb, stacy and zoe lynn. i want to hear what it was like to address the conventioconvent.
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i take it you've never spoken to an audience of 30 million people before. >> no i haven't. it was quite a surreal moment for me. i was speaking from the heart and it was something i feel passionate about. i was able to go through and share my message. >> i think zoe doesn't have a microphone on her but she doesn't need one. we have a feeling she's right there near you. caleb, you're trying to provide health care for your daughter and literally keep her alive through what is now a series of heart surgeries. there's another one planned, isn't there, for her next year? >> that's correct, lawrence. she has -- she's had two open heart surgeries and her condition requires a series of three planned surgeries. so her third and final planned surgery is scheduled, tentatively will occur next year or the year after. >> and you heard mitt romney say that his aides now say that the marketplace can take care of
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your problems. stacy, he feels that the health insurance market is going to offer you whatever you needed. you would be able to get whatever you need in a private market. >> right. that's just absolutely not true. it would be -- that would be great if that were true. you know, with her reaching getting very close to her lifetime cap, once she reaches that, you know, multiple million dollar max, there's no way. i don't see anyone saying oh, sure. we would love to cover this child. so it's scary to think, you know, by that third surgery and if she needs a heart transplant, which many children with her defect end up do having a heart transplant or needing -- she has a chronic condition that she is going to need care for her
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lifetime and there's a lot that can happen and a lot that can go wrong and those medical bills just keep adding up and it's frightening to think about a repeal. and losing that coverage. >> stacy, you changed my perspective on lifetime caps in the sense that when i thought about lifetime caps, i always thought of it being a problem for older people. that somewhere up toward your 60s, probably before you get to medicare, if you've had a lot of problems you might hit your lifetime cap but as soon as you started speaking about this it become clear that the huge risk in lifetime caps is to children born with serious problems that need surgeries. they are in the most likely position to hit a lifetime cap. >> yeah, absolutely. with the rate of birth defects going up and sky rocketing and -- here you go -- and one in 100 children are born with
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congenital heart defects. and the defect that zoe has is extremely expensive to treat and you're essentially reconstructing an entire heart. by the time she was four months of age she had had her second surgery and we were well above a million dollars in cost of care at that point. so a lot of children are needing significant medical care. and with the technology that medicine is coming up with and being able 20 years ago, zoe wouldn't be alive today. but advancements, you know, they're able to reconstrict half of her heart to work for her entire body so we're seeing a lot of kids survive that would never have survived before. >> caleb, what would it mean to you as a family financially if mitt romney was elected, if the republican congress was in place and if they repealed the affordable care act, lifetime
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limits immediately came back into force through insurance companies. if you went through that lifetime limit, have you even begun to contemplate what your options might be, what you would have to do? >> we've obviously thought about it and it's like stacy said at the convention the other night, it's always in the back of our mind. and sometimes in the front of our mind. and you know, we talk about it and it would be devastating. frankly once we get to her third surgery, we would hit the cap and then we would be at the point where we've always had insurance and paid premiums that she would no longer be able to get insurance anywhere through anybody. and it would be to a point where we would have to declare bankruptcy and deplete our assets enough and we'd have to go on some kind of public assistance to get bare minimum health care for her and that's questionable if even that would be adequate begin the complexity of her heart condition. >> stacy, i think this network
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might have been the only one who carried your speech. that's because one of the people working downstairs on the podium saw you when you were being prepped on, and he told me ahead of time about your speech and i alerted the control room to make sure you picked it up. because he said when you were practicing how to do this downstairs, that among all the professional podium workers who have been working at these conventions for many years, there wasn't a dry eye there listening you saying some of the few words of your speech. did you understand that you were having such an emotional impact on the people who were prepping this convention before you even got to that audience? >> you know, i did. when i was rehearsing that speech, it was really the first time that i had spoken it allowed and just getting down exactly my pace and everything. and it really impacted me. it's one thing to read it and do
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that. but when i was rehearsing it, everything just kind of flooded me and i kind of had a mini meltdown right there while i was rehearsing and everyone in that room was completely stunned and blown away. and gave me a room to go sit in to compose myself. but yeah. we live this every day and so, it's easy to forget the impact of it. because we know it's life or death every day. she could go into congestive heart failure any day. so forgetting how monumental that is, i think when people hear our story, they're just blown away by it. so just talking about repeal and there's a whole bunch of emotions that go along with that when i'm speaking on it. so, i mean, this is life or death for us. it's not a political issue. and so, you know, that rehearsal
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was just kind of surprising and it blew me away at the reaction. >> stacy, i can tell you that some of the people backstage weren't sure you were going to be able to make it through your speech on stage, but you did. and you had the awe of the convention and everyone in the room. and stacy and caleb thank you very much for joining us tonight and it is so great to see zoe marching around that room tonight. >> thanks, lawrence. >> thank you. coming up, the next time someone tells you they want to run the government like a business, you can explain to them how mitt romney ran bain capital because matt taibbi is going to explain that to you. of warning lights and sounds vying for your attention. so we invented a warning you can feel. introducing the all-new cadillac xts. available with a patented safety alert seat. when there's danger you might not see,
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president obama's campaign is a marxist, soviet, code of some kind and that of course earns him a spot in tonight's rewrite next. [ flushing ] ♪ [ both ] ♪ na, na... [ woman ] ♪ na, na-na, na [ men ] ♪ hey, hey, hey ♪ good-bye [ male announcer ] with kohler's powerful, high-efficiency toilets. flush. and done. [ all ] ♪ hey, hey, hey ♪ good-bye droid does. and does it launch apps by voice while learning your voice ? launch cab4me. droid does. keep left at the fork. does it do turn-by-turn navigation ? droid does. with verizon, america's largest 4g lte network, and motorola, droid does.
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get $100 off select motorola 4g lte smartphones like the droid razr. in tonight's rewrite, the irresistible allen west. irresist rewrite purposes. because he's the very best at saying really crazy stuff. it was best captured in a tv
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commercial done by patrick murphy who put allen west's ravings in the mouths of babies. >> you're not a lady. >> you're the most vile. >> despeckable. >> member of the communist part. >> allen west is running for his political life as a result of that commercial. now that pat murphy has made the race a tie. the obvious strategy at this point is to start sounding sane. but he remains reluctant to tamper with his brand which brings us to the allen west dictionary where the word forward means a soviet marxist socialist theme.
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-- plays by the same rules. and i believe america is on the way up. thank you. god bless you. god bless the united states of america. >> here's allen west's interpretation of that ad for his audience at the republican jewish coalition in bow contaca florida last night. >> they want to bring out an old soviet marxist theme called forward. >> yeah. yeah. you heard them. allen west had the full approval of his audience with that. including the members of the audience who are currently being kept alive by a socialist
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program called medicare. but allen west wasn't there just to tear down the president and decode his soviet marxist soviet socialist messaging. he was there to give republicans their marching orders. >> we are going to go forward. >> what? allen west just finished explaining that the word forward is a soviet markist soviet socialist something or other and then he used that very same word in telling his audience what to do? of course, his audience immediately jumped out of their seats are you crazy how do you expect us to listen to you. and of course the republican jewish coalition bouncers must have thrown him out of the room and told him to never insult their intelligence like that again or even insult his own intelligence which is what he seemed to be doing. that turns out is not exactly how it went down. >> we're going to go forward and
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recommit to the principles of values that made these great united states unlike any other nation that the world has ever known. because of you and your spirit that cannot be defeated. we honor our values which means we will continue to talk about god because god blessed this great nation. and we will uphold -- the national security. god bless you all. you've got 57 days. let's make this happen, ladies and gentlemen. >> they love him. and so there are just 57 days left in pat murphy's campaign to restore sanity to florida's 22nd congressional district. ♪ i can do anything today ♪ i can go anywhere
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>> he was willing to let detroit go bankrupt. i don't think he understood that saving the automobile worker, the saving the industry, what it meant to all of america, not just auto workers. i think he saw it the bain way. i mean this sincerely. i think he saw it in terms of balance sheets and write-offs. >> for more on the bain way, i'm joined by the author of the rolling stone cover story greed and debt. the true story of mitt romney and bain capital. matt taibbi contributing editor for "rolling stone." what is the bain way?
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>> private equity firms in general. when they take over companies, they borrow massive amounts of money that the company has to pay back. so you're essentially borrowing against the assets of a company that you don't even yet. so when he tax about debt and borrowing money what you don't have, that's exactly what he did for years. his model is similar to those no money down mortgages where you put down 5%, 3% and you get the house. >> but they're planning to sell. they're not planning to live in the house for very long. they're planning to flip this over to somewhere else. >> this is an important distinction. in this metaphor it works for bain if the company turns around. but if it doesn't, they can burn it down and loot it for its assets. they can do what the mob groups do -- >> excuse me, the mob? >> when they take over a restaurant they can run up massive bills on its credit and monetize it that way. and that's exactly what they can
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do. they can pay themselves massive dividends when they take over companies and bain has done this in a number of instances including kb toys. >> also in the business model is fees. they get paid all of fees for doing this in addition to the massive profit potential they have. >> exactly. so you borrow $3 hundred million and a company like kb toys has to pay back. now they have to fire people to pay for the debt and bain capital tells you who to fire. for the privilege of getting that advise, you have to pay them fees. so now you have two huge burdens that you didn't have before. you have the debt service and the annual fees which can turn into massive amounts of money. >> and from all this, what has mitt romney learned that will be useful in the oval office. >> i guess having access to unlimited sums of money from the fed. now he'll just have easy


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